Summit Mortgage Bankers Rates, Fees & Info

NEW YORK, NY

LEI: 549300QPD4M26VIOFU53

Tax ID: 13-3654244

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Summit Mortgage Bankers is a small bank specializing in Refi and Home Purchase loans. Summit Mortgage Bankers has a high proportion of conventional loans. Their top markets by origination volume include: New York, Los Angeles, San Francisco, San Jose, and Riverside among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Summit Mortgage Bankers has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Summit Mortgage Bankers is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.65% 12/16/24
    30 Year Conventional Refi 6.57% 12/16/24
    30 Year Cash-out Refi 6.86% 12/16/24
    15 Year Conventional Purchase 6.06% 12/16/24
    15 Year Conventional Refi 5.94% 12/16/24
    15 Year Cash-out Refi 5.94% 12/16/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Summit Mortgage Bankers Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Summit Mortgage Bankers. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    2,707

    Origination Dollar Volume (All Markets)

    $1,318,365,000
    Show all (9) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1,534 $725,820,000 $473,155 $7,871 3.10%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 468 $217,880,000 $465,556 $2,901 2.83%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 214 $130,780,000 $611,121 $3,571 2.97%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 150 $108,840,000 $725,600 $3,023 2.90%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 170 $65,640,000 $386,118 $3,137 2.97%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 56 $20,430,000 $364,821 $2,770 2.57%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 30 $14,580,000 $486,000 $2,904 3.01%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 14 $7,310,000 $522,143 $3,414 2.99%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 20 $7,270,000 $363,500 $3,246 3.04%
    STOCKTON, CA (FHA|USDA|VA) 9 $3,525,000 $391,667 $2,745 2.85%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 11 $3,205,000 $291,364 $3,967 3.13%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 4 $2,510,000 $627,500 $2,508 2.84%
    SALINAS, CA (FHA|USDA|VA) 3 $1,885,000 $628,333 $5,017 3.66%
    BAKERSFIELD, CA (FHA|USDA|VA) 5 $1,655,000 $331,000 $2,499 2.90%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 4 $1,160,000 $290,000 $8,811 3.53%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $1,055,000 $1,055,000 $2,966 2.88%
    MODESTO, CA (FHA|USDA|VA) 3 $965,000 $321,667 $4,314 3.46%
    VALLEJO, CA (FHA|USDA|VA) 2 $780,000 $390,000 $3,007 3.06%
    FRESNO, CA (FHA|USDA|VA) 2 $750,000 $375,000 $2,535 3.25%
    MERCED, CA (FHA|USDA|VA) 2 $650,000 $325,000 $2,578 3.69%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $535,000 $535,000 $4,015 4.38%
    MADERA, CA (FHA|USDA|VA) 1 $405,000 $405,000 $2,505 3.63%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $395,000 $395,000 $5,392 3.00%
    Outside of Metro Areas 1 $175,000 $175,000 $8,101 3.38%
    EL CENTRO, CA (FHA|USDA|VA) 1 $165,000 $165,000 $2,640 2.88%
    Summit Mortgage Bankers's top markets include New York, Los Angeles, San Francisco, San Jose, and Riverside among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against SUMMIT MORTGAGE BANKERS based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    N C P D Federal Credit Union
    Similarity Rank: 102
    Schuyler Savings Bank
    Similarity Rank: 352
    Christian Community Credit Union
    Similarity Rank: 354
    Credence Funding Corporation
    Similarity Rank: 404
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 624
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 652
    The First National Bank of Long Island
    Similarity Rank: 748
    LONG BEACH CITY EMPLOYEES Federal Credit Union
    Similarity Rank: 825
    The Atlantic Federal Credit Union
    Similarity Rank: 882
    MYPOINT Credit Union
    Similarity Rank: 924

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,707 $1,318,365,000 $487,021 $5,794 3.01%

    For 2021, Summit Mortgage Bankers's most frequently originated type of loan was Conventional, with 2,707 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,585 $724,175,000 $456,893 $3,874 2.85%
    Home Purchase 1,062 $566,170,000 $533,117 $8,642 3.25%
    Cash Out Refi 60 $28,020,000 $467,000 $6,850 3.06%

    For 2021, Summit Mortgage Bankers's most frequently cited loan purpose was Refi, with 1,585 originations. The 2nd most popular reason was Home Purchase, with 1,062 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,175 $1,122,125,000 $515,920 $6,387 3.14%
    15 Year 457 $169,675,000 $371,280 $3,346 2.47%
    20 Year 51 $19,435,000 $381,078 $4,123 2.77%
    10 Year 18 $5,070,000 $281,667 $2,597 2.29%
    Other 6 $2,060,000 $343,333 $3,090 2.96%

    For 2021, Summit Mortgage Bankers's most frequently cited loan duration was 30 Year, with 2,175 originations. The 2nd most popular length was 15 Year, with 457 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,858 $874,750,000 $470,802
    $5k+ 592 $331,400,000 $559,797
    $1k-2k 73 $31,045,000 $425,274
    $4k-5k 69 $28,365,000 $411,087
    $3k-4k 46 $19,950,000 $433,696
    $2k-3k 32 $12,560,000 $392,500

    Summit Mortgage Bankers's average total fees were $6,387, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,858 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 1,152 $581,180,000 $504,497
    3-4% 975 $485,595,000 $498,046
    <2.5% 486 $198,550,000 $408,539
    4-5% 94 $53,040,000 $564,255

    During 2021, Summit Mortgage Bankers's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1,152 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 1,101 $536,735,000 $487,498 $5,978 3.00%
    $200k-400k 951 $299,695,000 $315,137 $4,059 2.92%
    $600k-1MM 475 $353,795,000 $744,832 $9,421 3.20%
    $100k-200k 93 $15,135,000 $162,742 $3,105 2.99%
    $1MM+ 85 $112,825,000 $1,327,353 $5,996 3.03%
    $100,000 or less 2 $180,000 $90,000 $2,298 3.00%

    2021 saw Summit Mortgage Bankers place emphasis on $400k-600k loans with 1,101 originations, totaling $536,735,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 724 $338,610,000 $467,693 $5,724 2.96%
    $150k-250k 654 $342,100,000 $523,089 $5,092 2.89%
    $75k-100k 448 $191,630,000 $427,746 $6,352 3.07%
    $250k+ 384 $264,520,000 $688,854 $5,506 2.98%
    $50k-75k 356 $124,440,000 $349,551 $6,103 3.12%
    $50k or less 141 $57,065,000 $404,716 $8,056 3.46%

    Summit Mortgage Bankers lent most frequently to those with incomes in the $100k-150k range, with 724 originations. The second most popular income band? $150k-250k, with 654 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 473 $228,385,000 $482,844 $4,833 2.85%
    30-36% 430 $206,910,000 $481,186 $5,026 2.90%
    <20% 164 $78,270,000 $477,256 $6,303 3.06%
    43% 161 $77,635,000 $482,205 $7,269 3.13%
    42% 137 $71,385,000 $521,058 $6,281 3.15%
    44% 123 $60,545,000 $492,236 $6,620 3.04%
    45% 121 $52,905,000 $437,231 $5,945 3.14%
    38% 120 $55,820,000 $465,167 $5,679 3.09%
    48% 114 $53,840,000 $472,281 $5,553 2.91%
    40% 113 $59,755,000 $528,805 $6,634 3.14%
    39% 113 $57,505,000 $508,894 $6,869 3.04%
    46% 113 $51,725,000 $457,743 $5,821 3.05%
    49% 111 $50,405,000 $454,099 $6,355 3.03%
    47% 110 $50,520,000 $459,273 $4,880 2.95%
    41% 100 $55,910,000 $559,100 $6,320 3.09%
    36% 87 $43,325,000 $497,989 $6,546 2.96%
    37% 87 $46,195,000 $530,977 $5,690 3.04%
    50-60% 2 $940,000 $470,000 $9,296 3.00%
    >60% 1 $495,000 $495,000 $7,072 3.38%

    Summit Mortgage Bankers lent most frequently to those with DTI ratios of 20-30%, with 473 originations. The next most common DTI ratio? 30-36%, with 430 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 2,612 $1,276,350,000 $488,649 $5,872 3.02%
    White 90 $39,090,000 $434,333 $3,657 2.76%
    Black 3 $1,745,000 $581,667 $4,847 3.42%
    Chinese 1 $745,000 $745,000 $3,311 3.00%
    American Indian 1 $435,000 $435,000 $1,925 2.50%

    Approval Rates

    Total approvals of all applications
    99.05%

    Summit Mortgage Bankers has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    92.46%

    Summit Mortgage Bankers has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,707 $1,318,365,000 $487,021

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,707 $1,318,365,000 $487,021

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 350 $123,620,000 $353,200 $4,090 2.81%
    40-60% 1,013 $476,905,000 $470,785 $5,645 2.97%
    60-80% 1,202 $641,420,000 $533,627 $6,498 3.12%
    80-100% 113 $67,215,000 $594,823 $5,495 2.92%
    Under 20% 29 $9,205,000 $317,414 $3,618 2.80%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    SENTE MORTGAGE Conventional home mortgage Trouble during payment process 1 100.0%